Cobalt Annual Report 2015 - page 125

Cobalt International Energy, Inc.
Notes to Consolidated Financial Statements (Continued)
F-33
20. Selected Quarterly Financial Data—Unaudited
Unaudited quarterly financial data for the years ended December 31, 2015 and 2014 are as follows:
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
($ in thousands, except per share data)
Year ended December 31, 2015
Operating costs and expenses ........................................... $ 52,106 $ 39,604 $ 36,466 $ 314,635
Operating income (loss) .................................................... (52,106) (39,604) (36,466) (314,635)
Net income (loss) from continuing operations.................. (70,446) (53,369) (49,687) (325,043)
Basic and diluted income (loss) per common share(1)
from continuing operations ............................................ $ (0.17) $ (0.13) $ (0.12) $ (0.80)
Year ended December 31, 2014
Operating costs and expenses ........................................... $ 32,052 $ 50,949 $ 45,508 $ 119,930
Operating income (loss) .................................................... (32,052) (50,949) (45,508) (119,930)
Net income (loss) from continuing operations.................. (41,674) (68,114) (67,076) (140,385)
Basic and diluted income (loss) per common share(1)
from continuing operations ............................................ $ (0.10) $ (0.17) $ (0.16) $ (0.34)
(1) Totals may not add due to rounding.
21. Supplemental Information on Oil and Gas Exploration and Production Activities (Unaudited)
The unaudited supplemental information on oil and gas exploration activities that follows is presented in accordance with
supplemental disclosure requirements under ASC No. 932, “Extractive Activities—Oil and Gas” (“ASC No. 932”) and the Securities
and Exchange Commission’s final rule, Modernization of Oil and Gas Reporting . Disclosures include (1) capitalized costs, costs
incurred and results of operations related to oil and gas producing activities, (2) net proved oil and gas reserves, and (3) a standardized
measure of discounted future net cash flows relating to proved oil and gas reserves. Since the Company did not have any production
activities for years ended December 31, 2015, 2014 and 2013, there will be no disclosures on results of operations related to oil and
gas producing activities.
Capitalized Costs Related to Oil and Gas Activities
Total
($ in thousands)
As of December 31, 2015
Unproved properties ............................................................... $ 998,234
Accumulated valuation allowance .......................................... (175,963)
822,271
Proved properties .................................................................... 71,463
Net capitalized costs..................................................................... $ 893,734
As of December 31, 2014
Unproved properties(1)........................................................... $ 736,742
Accumulated valuation allowance .......................................... (208,725)
528,017
Proved properties .................................................................... 183,221
Net capitalized costs..................................................................... $ 711,238
(1) Unproved properties include capitalized costs net of sale/like-kind exchange of leasehold interest
transactions that occurred in 2014 of approximately $5.6 million for the U.S. Gulf of Mexico. No gain
or loss was recognized for these transactions for the year ended December 31, 2014.